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Figure E1. Wave counting on the daily chart. Variant 1.
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Wave [iii] may have completed and the fourth wave [iv] of impulse may have begun to form. If the supposition confirms correction [iv] may last until the second half of April 2008. Perhaps the structure of its first waves will give a cue what shape it will assume.
As so far there is no confirmation of the completion of wave [iii] of C, an alternate variant isn’t ruled out yet (refer to the Figure below).
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Figure E2. Wave counting on the daily chart. Alternative variant.
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As an alternative within the limits of scenario v.1 it is possible to suggest that wave (v) will form in the form of the second extension of impulse [iii]. Such a variant is rare, but quite possible taking into consideration negative fundamental indicators for the US dollar.
As a similar example of an impulse with two extensions impulse (iii) in the same Figure can be considered (refer to section 2.2.4. of my book).
For more detailed wave counting on smaller time-frames and parameters of possible trading plans refer to daily reports.
Reference
Dmitry Voznuy
forDmitry@yahoo.com
February 2, 2008
When using any part of the article for publication or analytical materials reference to the author and Alpari is obligatory.
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